Fitzgerald's Post First Series CNY - Main Set
1 Jiao 1962 P877b



Obverse
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Note Details

Set Details
Note Description: China / People's Republic
1 Jiao 1962 - Wmk: Open Star
Grade: 68 EPQ
Country: CHN
Note Number: CHN877b
Signatures/
Vignettes: 		- 3 Red Numerals
Certification #: 7058801-024
Owner: Thomas Parke D'Invilliers
Winning Set: Fitzgerald's Post First Series CNY - Main Set
Date Added: 4/9/2018
Research: See PMG's Census Report for this Note

Owner's Description

Date: Apr 2018
Bought: Chinese acquaintance
Comment: This is the most coveted 3rd series note, the "green-back watermark" 1 Jiao, categorized by PMG as P877b. As the name implies, it has two defining characteristics, namely, it has a green hue on either sides of the vignette on the reverse (similar to P877a but distinguished from P877g because it does not have the green hue), and it is printed on watermarked paper (similar to P877g but distinguished from P877a). The watermark comprises dispersed single hollow 5-point stars. Some commentators suggest that the stars are randomly scattered, this is not very accurate. There is actually a recurring pattern on the distribution of the stars, but cutting the paper down to individual notes meant that each note has its unique distribution of these watermarks. In addition, because the watermarked papers were manufactured (likely by the USSR) using early technology, they can be somewhat fuzzy and are easily obscured by the prints on the note.

The price of each of this note is a direct function of the number of watermarked stars it contains. Plentiful stars are more desirable. As a rough gauge, the most number of stars on a single note is about 6, but these stars are invariably located at the edges of the notes and incomplete. The plus point is they are more visible because the edges do not have prints. The most number of full stars is about 4 (like this one; I haven't seen one with 5 yet), but one or more will usually be obscured by the print.

It is generally accepted these "green-back watermark" notes have specific prefixes, which is a fast and convenient way for authenticity validation. However, there exist notes with the right prefixes but do not have visible watermark, so always check for the watermark.

It is worth noting that, because of the high value of this note, there are many counterfeits on the market. Some are artificially dyed P877g (that already have the watermark), and some are P877a with fabricated watermark. In both cases, the prefix will also have to be altered. That sounds like a lot of work, but with the same-grade P877b going for 100x that of P877g and 10x of 877a, there is more than sufficient pecuniary incentive to do so.

One final word, do not solely rely on PMG's catalogue number on its holder to determine whether a note is "green-back watermark". PMG is known to have mis-classified some P877a and P877g as P877b. I have seen an unscrupulous scalper on eBay, knowingly, trying to pass off a PMG-mislabelled P877a as P877b. Always check the prefix, and ask for a back-lit picture to assess the watermark. Always.
Blog: http://www.casualnumismatist.com/2018/06/p877b-3rd-series-chinese-green-back.html

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